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The DC Code: § 28-2105 Nonperformance by assignee--Trustee.

Index28 Commercial Instruments and Transactions. (Refs & Annos)

If an assignee named in an assignment for the benefit of creditors fails or refuses to comply with any of the requirements of sections 28-2103 and 28-2104, a judge of the court having probate jurisdiction may, on the application of the assignor or a creditor interested in the assignment, remove the assignee and appoint a trustee in his place to execute the trusts created by the assignment, who shall give bond as the court may require. And the court may accept the resignation of an assignee or trustee, and in case of his resignation, death, or removal from the District, appoint a trustee in his place. The court, for cause shown, on the application of an interested person, may remove an assignee or trustee and appoint a trustee in his place, and make and enforce all orders necessary to put the newly appointed trustee in possession of all property covered by the assignment. Upon the death of an assignee or trustee the court may require his executor or administrator to settle his account and to deliver over to his successor all property belonging to the trust, in default of which the successor may bring suit upon the bond of the deceased assignee or trustee or upon the bond of the executor or administrator, accordingly as the assignee or trustee, executor or administrator is the party in default.

Historical and Statutory

Prior Codifications 1981 Ed., § 28-2105. 1973 Ed., § 28-2105. DC CODE § 28-2105 Current through December 11, 2012

Credits

(Aug. 30, 1964, 78 Stat. 668, Pub. L. 88-509, § 1; July 29, 1970, 84 Stat. 569, Pub. L. 91-358, title I, § 151(b).)